Crypto
The 2024 US Presidential Election: Where US Presidential Candidates Stand on Cryptocurrency Policies
The Upcoming 2024 U.S. presidential elections are around the corner & the fate of cryptocurrency is closely tied to the potential presidential Candidates & their stance regarding the future of Cryptocurrency.
Recently, President Joe Biden signed an Executive order directing the Federal Government to come up with a plan to regulate cryptocurrencies.
In reply to that, Donald Trump sees Bitcoin as a scam; he wants the dollar to be the currency of the World.
Opposing the thoughts of Donald Trump – Robert F. Kennedy Jr. says that as president, “I will make sure that your right to hold & use bitcoin is inviolable.”
There is no doubt that clear & favourable crypto regulation could ignite the next crypto bull run.
So, the question echoes through the minds of every crypto investor and enthusiast: Is Donald Trump better than Robert F. Kennedy Jr. for the crypto industry?
Or maybe it’s Joe Biden or someone else entirely?
As a crypto investor, it’s crucial to understand where each candidate stands regarding Bitcoin and cryptocurrencies.
But, firstly, let’s understand why the 2024 U.S. election is so significant for cryptocurrency.
Why the 2024 US Election Matters for Crypto?
For nearly a decade, U.S. regulators have been trying to make it harder for cryptocurrency businesses to use regular banks.
Their goal?
To slow down the cryptocurrency industry and prevent problems like the recent FTX collapse.
Since October 2020, the Securities and Exchange Commission, or SEC, began focusing more on cryptocurrency. They’ve been telling digital asset companies what they can and can’t do almost every week.
Leading to this strict regulation is SEC Chairman Gary Gensler, who wants strict rules to keep people safe. But this crackdown is affecting big companies like Coinbase and Binance. They’re struggling with all the new rules.
Some people think that things might get easier only if a pro-crypto candidate wins in the upcoming election.
Right now, there are five main people running.
On the Democratic side, it’s President Joe Biden and Robert F. Kennedy Jr. Among the Republicans it’s former President Donald Trump, Vivek Ramaswamy, a biotech entrepreneur, and Ron DeSantis, the Governor of Florida.
So, let’s see where their views stand regarding the crypto industry.
Joe Biden (D)
Starting with the current President of the U.S., Joe Biden, a Democrat running for re-election. It’s somewhat tricky to label Joe Biden as crypto-friendly.
His first term in office has shown us that cryptocurrency innovation isn’t a top priority for him compared to other issues. However, it’s worth noting that in 2020, one of his major campaign donors was Sam Bankman-Fried from FTX, a prominent crypto exchange.
Despite this, President Biden’s primary concern has been on stopping people from using crypto to avoid paying taxes. At a G7 summit in Japan, he made it crystal clear that he’s not keen on making deals that protect wealthy tax evaders and crypto traders.
Earlier this year, he introduced some new cryptocurrency regulations, including a 30% tax on the energy used for crypto mining.
Interestingly, President Biden was the one who appointed Gary Gensler as the Chairman of the SEC, whose stance has always been against the crypto industry. While some are concerned that these rules could slow down how fast crypto grows in the U.S.
If Joe Biden secures a second term, he could potentially introduce even stricter rules, presenting further challenges for the crypto industry.
Robert F. Kennedy Jr. (D)
When it comes to the Democratic nomination, Robert F. Kennedy Jr., known as RFK Jr., stands as a potential contender.
What sets RFK Jr. apart is his stance against centralized power. He is personally aware of just how powerful some parts of the government can be.
RFK Jr. sees decentralized currency as a way to take power away from the government, particularly the powerful Central Bank. This is why he’s a supporter of Bitcoin.
Recently, he addressed a Bitcoin conference and used the example of Canadian truckers to illustrate how Bitcoin can benefit people, not just a select few, but everyone.
In a speech, he promised to create a law to protect people’s cryptocurrency rights. He even pledged to accept campaign donations in Bitcoin, using the Lightning Network.
Moreover, After the Bitcoin Conference in Miami this May, Kennedy bought 14 Bitcoins as a special gift for his kids. It’s like giving them a piece of the digital future!
RFK Jr. emerges as a strong contender with his clear support for crypto and his reservations about Central Bank Digital Currencies (CBDCs). While his nomination as the Democratic candidate remains uncertain, his popularity hints at the possibility of a crypto-friendly candidate emerging in the future.
Donald Trump (R)
Now, let’s talk about another person running for president: former President Donald Trump.
Over time, Trump’s crypto stance changed a lot, especially in 2016 when he called for all campaign donations to be made in crypto to keep banks out of it. This move appeared to be in favor of cryptocurrency, as the Republican party is seen as supporting crypto.
Interestingly, When he won the election in 2016, the crypto market did well, even though he hadn’t spoken much about cryptocurrency during his campaign. However, things became clearer in 2019, nearly three years into his presidency.
When Trump took to Twitter to express his thoughts, they weren’t exactly crypto-friendly. He stated his dislike for Bitcoin and other cryptocurrencies, labelling them as not real money, with volatile values, and potential for illegal activities like drug trading.
He thinks America should have the USD Dollar as a strong currency. Trump’s views on Bitcoin have always leaned towards not liking it. Surprisingly, Trump’s position on crypto and financial freedom aligns with Biden’s despite their different ideologies.
Both could lead to restrictions on crypto and the advancement of a digital dollar.
Ron DeSantis (R)
Speaking of Miami, Florida Governor Ron DeSantis is currently the runner-up on the Republican side in contrast to RFK Jr. Ron DeSantis is a seasoned politician with over a decade of experience in Florida’s political arena.
Before that, he served for nearly a decade in the U.S. Navy, achieving significant ranks. This year in March, Ron DeSantis made headlines by announcing his intention to pass a law banning Central Bank Digital Currencies (CBDCs) in his state.
Later in May, he took to Twitter to criticize the Federal Reserve for suggesting it could create a digital dollar without Congressional approval.
The result?
Ron successfully passed a law against CBDCs in Florida. Ron seems to understand that CBDCs can be used to control people’s money and push certain ideas.
While Ron DeSantis’s crypto stance may not be as well-defined as other top presidential candidates, it’s evident that he is firmly against CBDCs, and that’s an important point to consider.
Vivek Ramaswamy (R)
Lastly, we have Vivek Ramaswamy, a businessman with no political background who recently surged in polls due to his popular policies.
What sets Vivek Ramaswamy apart is his genuine support for Bitcoin. Vivek Ramaswamy isn’t afraid to voice his concerns about the people who make the rules governing cryptocurrencies like Bitcoin.
Recently, Ramaswamy celebrated a favourable verdict for Grayscale, a leading crypto asset manager; the decision said that the SEC couldn’t stop Grayscale from doing certain things with Bitcoin.
This shows he likes crypto, and many people who like crypto like that, too. Adding to his crypto-friendly reputation, Ramaswamy’s announcement of an upcoming crypto policy blueprint has piqued the interest of many.
It hints at a future where cryptocurrency and politics converge more closely. Well, we can say he understands the importance of cryptocurrency’s decentralized nature and stands as a strong contender for crypto enthusiasts.
Conclusion
The choice between U.S. presidential candidates is complex, and their impact on crypto and financial freedom varies.
Now, we’d like to hear from you. Who do you believe is pro-crypto, and who leans anti-CBDC?
Share your thoughts in the comments below.
Crypto
Experts celebrate promising new breed of cryptocurrency: 'Not only promises efficiency …'
An up-and-coming player in the world of cryptocurrency is looking to revolutionize the industry through its unique processes that highlight sustainability.
According to Be3, cryptocurrency XRP, developed by Ripple Labs, could have a “transformative impact on both finance and environmental sustainability” thanks to its unique consensus mechanism that does not require mining and uses a negligible amount of energy even as it scales.
It generates a minuscule amount of pollutants per transaction while producing 1,110 pounds of electronic waste and impacting just over 8 cubic miles of natural resources.
This approach separates XRP from its contemporaries, which often rely on the notoriously power-hungry proof-of-work systems and hulking mining centers that can destabilize the grid.
Statistics provided by TRG Datacenters show that XRP is the second-most eco-friendly cryptocurrency behind IOTA, consuming just 0.0079 kilowatt-hours per transaction. Comparatively, bitcoin ranks last at a staggering 707 KWh per transaction.
Furthermore, the cryptocurrency became the first major global blockchain to achieve carbon net zero by purchasing enough renewable energy to offset its minimal energy requirements, per the XRP Ledger.
Be3 also noted other features that make XRP an attractive option for institutions focused on environmental responsibility, as it takes just three to five seconds to settle at fractions of a cent per transaction.
It’s a welcome addition to a sector that desperately needs more sustainable options. A study by the International Monetary Fund found that crypto mines, in conjunction with artificial intelligence data centers, accounted for 2% of global electricity demand and 1% of carbon dioxide pollution in 2022.
The United Nations found that the bitcoin mining network used 173.42 terawatt-hours of electricity between 2020 and 2021, resulting in a carbon footprint equivalent to burning 84 billion pounds of coal.
Coal and natural gas also supplied 66% of the energy for mining operations during this period, polluting the planet with planet-warming gases.
Luckily, the sector has made significant strides in recent times in an effort to become more eco-friendly.
Alephium, which utilizes a proof-of-work blockchain, has partnered with Gigatons to implement a proof-of-less-work consensus that is significantly more energy efficient.
Meanwhile, Ethereum has transitioned to a proof-of-stake system that has cut its energy consumption by nearly 100%.
“In a world increasingly attentive to environmental impact, XRP’s innovative technology not only promises efficiency but also a greener future,” Be3 wrote.
Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.
Crypto
ZIUM Launches to Revolutionize Instagram and Cryptocurrency Solutions
Zagreb, Croatia–(Newsfile Corp. – January 12, 2025) – ZIUM, a cutting-edge agency founded to tackle some of the most pressing challenges in social media and digital marketing, is now officially open for business. Specializing in Instagram username claims, account unbans, and cryptocurrency marketing, ZIUM has positioned itself as a trusted partner for individuals and businesses seeking innovative solutions in the digital age.
The agency operates at the intersection of technology, social media, and blockchain marketing, empowering clients to unlock their full potential online. With a dedicated team of experts and a results-driven approach, ZIUM is redefining the way people navigate the ever-changing online landscape.
ZIUM
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9586/236268_f6b779d0b42269a0_001full.jpg
A New Era of Digital Problem Solving
ZIUM’s services address real-world challenges in today’s digital ecosystem. Instagram, one of the largest and most influential social platforms, has become a critical tool for personal branding, business promotion, and community engagement. However, issues such as unavailable usernames or unfair account suspensions can hinder growth and cause frustration. ZIUM steps in to provide solutions that are fast, efficient, and tailored to each client’s needs.
Additionally, ZIUM excels in cryptocurrency marketing, offering projects and startups a strategic edge in the fast-paced blockchain industry. By combining deep knowledge of crypto trends with cutting-edge marketing strategies, the agency helps blockchain projects stand out in an increasingly crowded market.
Core Services Offered by ZIUM
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Instagram Username Claims
In the crowded social media space, having the perfect Instagram username can make all the difference. Whether it’s for a brand, influencer, or business, ZIUM specializes in acquiring sought-after usernames to align with clients’ goals and identities. The agency handles the process from start to finish, ensuring a smooth and hassle-free experience. -
Instagram Account Unbans
Account suspensions on Instagram can be devastating, especially for businesses and influencers relying on the platform for engagement and revenue. ZIUM offers expert account recovery services, helping clients navigate Instagram’s policies to regain access to their accounts quickly and effectively. -
Cryptocurrency Marketing
The cryptocurrency space is highly competitive, and visibility is key. ZIUM provides end-to-end marketing strategies tailored to blockchain projects, ensuring they reach the right audience. From brand development to targeted campaigns, ZIUM helps crypto ventures grow and thrive in an ever-evolving market.
Crypto
Donald Trump Embraces Meme Coins—A Presidential First
Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.
Trump: A Significant Crypto Portfolio
Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.
In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.
DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025
From Skepticism To Support
Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.
Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.
Implications For Regulation
Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.
Donald Trump. Image: Ronda Churchill/Reuters
The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.
Meme Coin Boom
The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.
Featured image from Fortanix, chart from TradingView
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